Wellspring House Inc

Analysis

Wellspring House Inc is a registered charity in United States, based in Gloucester, MA. It received its IRS tax-exemption ruling in January 1983, 43 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Wellspring House Inc reported income of $3.0m and spending of $3.0m, spending 99% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $2.3m to $3.0m (+28%), an average of +8.7% a year. The sharpest change came in the year to June 2021, when income rose by 25%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wellspring House Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within MA. Charities of a similar size with the same main cause include Make a Wish of Middle Tennessee Inc ($3.0m), Top Box Foods ($3.0m) and Childrens Retail ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 45% and program service revenue 48% of the total. Compensation of current officers, directors and key employees was $118k (4.0% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $3.4m against liabilities of $371k, net assets of $3.0m. It reported 46 employees.